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Wednesday's Trades Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Wednesday, April 10, 2024
Boeing's Airplane Deliveries Plunge Amid Safety Review
Boeing's (BA) airplane deliveries plunged in the first quarter to their lowest level since the depths of the pandemic in 2021 as the company faces increased regulatory scrutiny amid a safety crisis at the commercial aircraft manufacturer.
Boeing has faced increased safety reviews from the Federal Aviation Administration (FAA) after a door plug blew off one of its 737 Max 9 airplanes this January.
For the first quarter, Boeing said it delivered 83 new airplanes to customers, down 47% from 157 deliveries in the previous quarter.
By comparison, Boeing's archrival Airbus (AIR) of France delivered 142 new airplanes in the first three months of this year.
Since the January accident, the FAA has inspected Boeing's 737 Max production and barred the company from increasing output of its aircraft until it signs off on its quality control procedures.
Boeing's management team has said that the company is slowing down its production to improve quality controls.
However, despite the safety issues and production slowdown, Boeing is still receiving new aircraft orders from major airlines.
The company said it received orders for 111 new planes in March of this year, with 85 of them coming from American Airlines Group (AAL).
Boeing is scheduled to report its first-quarter financial results on April 24.
The stock of Boeing has declined 30% year to date and currently trades at $178.12 U.S. per share.
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